The name Parsippany comes from the LenapeNative American sub-tribe, which comes from the word parsipanong, which means "the place where the river winds through the valley".[20][22] Parsippany-Troy Hills is the most populous municipality in Morris County.[23] The name Troy Hills was changed from Troy, to avoid confusion of mail being sent erroneously to Troy, New York.[24]

In 2006, Parsippany-Troy Hills was recognized by Money magazine as the 17th-ranked of the Best Places to Live in the United States, the highest-ranked location in New Jersey. In 2008, it moved up to 13th position.[27]Parsippany returned to Money Magazine's "Best Places" list in 2012, in the 15th position. It returned to the list in 2014, where it ranked 16 with Money citing its "Arts and leisure".